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Total Eyes LNG, Oil Projects

French energy company Total is eying liquefied natural gas and oil projects in Iran, Russian business daily Kommersant cited Total’s chief executive Patrick Pouyanne as saying.

“We are looking at both gas and oil. When we had to leave Iran in 2006, we were actively working at an LNG project at South Pars Gas Field. So, first of all, we are closely looking at LNG projects,” he told the paper in comments published on Friday, TradeArabia reported.

Iran has the long-term potential of becoming one of the world’s top gas producers, thanks to its 34 trillion cubic meters of natural gas reserves, or around 18% of the world’s total.

Iran and six world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing of international sanctions on Tehran and higher oil exports.

Pouyanne told the newspaper that Total’s participation in Iran’s oil and gas development would depend on the terms that Tehran offers to foreign investors.